Sebnem Kalemli-Ozcan
@kalemli-ozcan.bsky.social
Mom, Economist, Professor, Avid reader, Researcher, Writer, Women+Education Advocate. Views are my own.
A "family fight," the Chair says. But both sides of the family share the same assumption: that supply-driven inflation fades on its own. In a networked economy, supply shocks compound before they fade. @bloomberg.com www.bloomberg.com/news/videos/...
Fragility and resilience are the same property of global networks: how quickly you can substitute any chokepoint comes from integration.
VoxEU @ CEPR@voxeu.org · 2w agoThe EU is converging on a definition of economic security as reduced dependence. @kalemli-ozcan.bsky.social argues this is mistaken. The EU will only have economic security if it treats integration depth, not self-sufficiency, as the union's security variable. cepr.org/voxeu/column... #EconSky
Mundell dreamed of a single world currency. His own theory is the decisive argument against it. My new @projectsyndicate.bsky.social column on what the euro's first 25 years teach us about monetary fragmentation. www.project-syndicate.org/commentary/s...
Where Will Global Financial Fragmentation Lead?
Şebnem Kalemli-Özcan sees the eurozone as a cautionary tale for anyone hoping for world monetary convergence.
project-syndicate.org
Happy 250th, America ! The founding idea was radical and positive-sum: liberty in politics and in markets, disciplined by rule of law and competition. Still the best growth model ever devised.
To close Day 2 of the 2nd Economic Policy Conference in Venice: a high-level policy panel on globalisation, fiscal populism & the future of the international monetary order. Chaired by Economic Policy Managing Editor Şebnem Kalemli-Özcan @kalemli-ozcan.bsky.social, hosted by @cesifo.org.
Honored to give the keynote at the IMFER conference www.imf.org/en/news/semi... on: "The Economic Policies for a Globally Interdependent and Geopolitically Fragmented World." Global interdependence can be weaponized for economic leverage but can also bring resilience.
Power, Markets, and Strategy in a Changing Global Order
The conference will focus on how trade, investment, finance, and regulation are deployed as instruments of power in a shifting global order. It seeks theoretical and empirical papers considering when ...
imf.org
Thank you Chris Wellisz for this great profile article summarizing my research for Finance and Development latest issue! www.imf.org/en/publicati...
What are the bond markets telling us? I at @projectsyndicate.bsky.social explain how markets are starting to price the new global inflationary environment of frequent supply shocks that monetary policy needs to navigate www.project-syndicate.org/commentary/c...
Central Banking in an Age of Global Supply Shocks
Şebnem Kalemli-Özcan sees current conditions as fundamentally different from those in which modern inflation targeting was designed.
project-syndicate.org
Are emerging markets doing better under supply shocks? Our @voxeu.org and @brookings.edu 2023 paper w/Filiz Unsal explains how emerging markets can be resilient under global shocks. cepr.org/voxeu/column... Stronger macro policies and institutions can give economic insurance and leverage.
Global shocks are back: Emerging markets holding up
When global uncertainty increases, emerging markets are typically the most exposed. Historically, tighter US monetary policy has led to capital outflows, currency depreciation, and tightening financia...
cepr.org
Our voxeu on the importance of global trade, production and finance networks for the macro impact of large tariffs: higher input prices and supply shortages, constrained demand, triggering a costly inflation process: cepr.org/voxeu/column...
Macroeconomics of tariffs with global production and finance networks
Tariffs have returned as instruments of economic and geopolitical policy, but their short- and medium-run macroeconomic effects are still not fully understood. This column introduces a new framework t...
cepr.org
Great conference! bfi.uchicago.edu/events/event...
2026 Women in Macroeconomics Conference | Becker Friedman Institute
Program Chairs: Wendy Morrison, Duke University Marta Prato, Bocconi University The Becker Friedman Institute at the University of Chicago invites you to share your academic paper to be reviewed for t...
bfi.uchicago.edu
@kalemli-ozcan.bsky.social, Can Soylu, & Muhammed A. Yıldırım show that #tariffs act simultaneously as demand and supply shocks, and that even transitory tariffs can generate persistent inflation, large output losses, and global spillovers absent retaliation. cepr.org/voxeu/column... #EconSky
Great conference by BancoDeEspana. In my panel, with Silvana Tenreyro and Maurice Obstfeld, we have discussed trade, exchange rates and monetary policy. Central banks will have a difficult time to hit their targets in the inflationary world of supply shocks: www.bde.es/wbe/en/notic...
I LatAm Economic Forum
I LatAm Economic Forum
bde.es
Many emerging markets avoided widespread financial crises over the 2022-2023 tightening cycle due to improved monetary policy credibility and reduced foreign-exchange vulnerabilities, show @kalemli-ozcan.bsky.social & Filiz Unsal. cepr.org/voxeu/column... #EconSky
Videos and podcasts from 1st EP: PEGI conference, December 2025, as Russia’s invasion approached its fourth year. "What is next for Ukraine?" economic-policy.org/video-podcas... how firms and cities adopt, how restructuring war-time debt is essential, and how governments use financial repression.
Video and Podcasts Archive - Economic Policy
economic-policy.org
Global economy characterized by deep trade, finance, and production interdependencies, co-mingled with spatial chokeholds turning geopolitical shocks into macroeconomic ones. Paradoxically, this interdependence has also been a source of resilience: www.project-syndicate.org/onpoint/iran...
Interdependence Bites Back
Şebnem Kalemli-Özcan warns that America’s current policies are turning manageable problems into full-blown macroeconomic crises.
project-syndicate.org
My conversation with John Friedman of Watson School youtube.com/watch?v=z_tT... Every country has a chokehold on someone else's economy. Global interdependence works like Cold War-era doctrine of MAD. Identification of chokepoints requires understanding of global interdependence through networks.
How US economic policy is interacting with the global economy today
YouTube video by Watson School of International and Public Affairs
youtube.com
The economic-case for dethroning the dollar is weak, but political-case for weakening the currency in slow-mo is strong. Start protectionism, blame globalization for domestic problems and end with inflation-EM-101. I discuss @projectsyndicate.bsky.social: www.project-syndicate.org/commentary/t...
Conflicting Policies, Confused Investors, and the Weak Dollar
Şebnem Kalemli-Özcan traces the damaging effects of US economic policy on the world’s dominant reserve currency.
project-syndicate.org
Superb conference from Princeton's JRC @atifrmian.bsky.social jrc.princeton.edu/conferences/...
2026 - Debt, Deficits & Global Imbalances
15th Annual JRCPPF Conference | February 19-20, 2026For fifteen years, the Center has fostered research and dialogue at the intersection of macroeconomics, finance, and public policy. This 15th annive...
jrc.princeton.edu
Supreme court decision shows the strength of the US institutions. I hope markets and policy makers also realize the economic damage that tariffs are causing to American businesses, commercial middle class, and the dollar, as I explain in my February @projectsyndicate.bsky.social
Conflicting Policies, Confused Investors, and the Weak Dollar
Şebnem Kalemli-Özcan traces the damaging effects of US economic policy on the world’s dominant reserve currency.
project-syndicate.org
Project Syndicate@projectsyndicate.bsky.social · 6mo agoUS tariff brinkmanship and mounting political pressure on the US Federal Reserve are creating a macroeconomic configuration that analysts once associated exclusively with structurally weak-currency economies, @kalemli-ozcan.bsky.social observes. bit.ly/4tDo9i1
Great article on the importance of science, how to make money and do the right thing (yes possible) and to learn start with college: www.ft.com/content/9923...
Nobel chemistry laureate Frances Arnold: ‘Whole swaths of science are just going to die on the vine’
The Caltech professor on using AI to harness the power of enzymes — and what US funding cuts could mean for research
ft.com
Tariffs are not a viable tool for weaponizing global interdependence. There is still no manufacturing renaissance as tariffs raise business costs, reduce productivity, with affordability crisis. Tariff threats are contributing to dollar depreciation: www.project-syndicate.org/commentary/t...
Tariffs Are More Destructive Than You Think
Şebnem Kalemli-Özcan explains why the costs extend far beyond what standard economic models would predict.
project-syndicate.org
Global production and financial networks feed rising economic and geopolitical risks back into the US economy, driving up inflation, weakening asset prices and the dollar. What can EMs do? Orthodoxy-plus is the only option for them: www.project-syndicate.org/magazine/us-...
The Age of Stagflation?
Şebnem Kalemli-Özcan warns that the US is generating acute economic risks, and advises emerging economies on how to respond.
project-syndicate.org
I am honored and deeply excited to serve as the next director of Rhodes Center for International Economics and Finance. At a time when global markets, policy frameworks, and geopolitical forces are rapidly reshaping one another, the center’s mission has never been more important.
Watson School at Brown@watsonschoolbrown.bsky.social · 9mo agoŞebnem Kalemli-Özcan to serve as next director of the #RhodesCenter — Global economics leader and @brown.edu alum @kalemli-ozcan.bsky.social will become the next Rhodes Center director, bringing deep expertise in international economics & finance in July 2026.
Şebnem Kalemli-Özcan to serve as next director of the #RhodesCenter — Global economics leader and @brown.edu alum @kalemli-ozcan.bsky.social will become the next Rhodes Center director, bringing deep expertise in international economics & finance in July 2026.
Şebnem Kalemli-Özcan to serve as next director of the Rhodes Center for International Economics and Finance
Effective July 1, 2026, Şebnem Kalemli-Özcan will become director of the Watson School’s Rhodes Center for International Economics and Finance, taking over for long-time director Mark Blyth.
ow.ly
Join us! We are now accepting applications for the Global Linkages Lab, www.globallinkages.org here are the details :: apply.interfolio.com/176873
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Super news for @brownuresearch.bsky.social and all. Let us all appreciate growth-openness link. Aghion at the news conference said he is worried about the protectionist wave and warned against obstacles for growth such as deglobalization and tariffs! He said openness is a driver of economic growth!
Soumaya Keynes@soumayakeynes.ft.com · 10mo agoThe not-a-Nobel-but-we're-gonna-treat-it-like-a-Nobel in economics goes to Joel Mokyr "for having identified the prerequisites for sustained growth through technological progress" Philippe Aghion and Peter Howitt "for the theory of sustained growth through creative destruction"
My new PS column argues that financial markets complacency in the face of US policy uncertainty is profitable for them: www.project-syndicate.org/commentary/m...
Financial Investors Can’t Profit From Complacency Forever
Şebnem Kalemli-Özcan argues that bond-market participants and others are consciously choosing to ignore obvious policy risks.
project-syndicate.org
It was an honor to do a fire side chat with Raghuram Rajan at this amazing conference in Chicago: chicagobooth.edu/research/fam... Finance for small firms and private sector development is more important than ever in a world where big actors like the US chose isolation over integration.
Schedule
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chicagobooth.edu
